The administration of outgoing U.S President Donald Trump granted ByteDance a seven day extension period to for the company to sell U.S operation of its short video sharing app TikTok to an American entity.
The sale order was issued by a U.S court in August directing ByteDance to surrender TikTok’s U.S operations to an American entity. On August 14, President Trump issued ByteDance an ultimatum of 90 days to enforce the sale of the app. After the period was over Trump’s administration granted the Chinese company additional 15 days prior to the latest extension period.
According to the court filing the new deadline is indicated as December 4. ByteDance has been holding talks with various U.S based companies concerning sale of the app but none of the talks materialized to anything promising.
Among some companies which had been seen as front runners to acquire the app include tech companies Microsoft Corp. (MSFT) and Oracle Corp. (ORCL).
A representative from U.S treasury said the latest extension was granted in order to review a recently received revised submission. Sources have revealed that ByteDance made a new proposal touching on concerns raised by the government of United States.